Did you know that each of us has an estate? Your estate is merely the assets you own, such as your car, residence, other real estate, cash and bank accounts. Regardless of how big or small, we all have an estate that we cannot take with us when we die. This is why estate planning is important for everyone!
Most people want to have control over what happens to their “things” after their death. We want to choose who receives our property and make sure our wishes are carried through. In order to do that, clear instructions must be left behind for those who survive us. The goal of estate planning is to ensure that your assets are transferred to your loved-ones with the least amount of taxes, legal fees and court costs as possible. Estate planning attorneys know how to make this happen.
What does Estate Planning involve?
Estate planning is basically making an advance plan naming those individuals you want to receive your property when you die. Though this purpose is simple, making it happen can be more complicated. Proper estate planning should also doable to do the following:
- Include instructions for your care if you become disabled before you die
- Name a guardian and manager for the inheritance of minor children
- Provide for family members with special needs while maintaining eligibility for government benefits
- Provide for loved ones who may be unable to manage money or who may need protection from creditors
- Include life insurance benefits for your surviving family, disability income insurance if you become unable to work, and long-term care insurance to assist in financing your medical care in case of an extended illness or injury.
- Provide for the transfer of your business at your retirement, disability or death
Creating and executing the perfect plan is not the end. The plan needs to be reviewed and updated as needed, such as when your family and financial situations change. Your estate planning attorney can help you with modifying your estate plan at any time.
Don’t procrastinate in creating your estate plan
Unfortunately, many people put off estate planning for various reasons. We think we are too young or not quite wealthy enough. Some of us simply believe we have plenty of time to plan. But the truth is, we cannot predict how long we will live, or whether we will suffer from an illness or accident that leaves us debilitated. Therefore, estate planning should be taken care of sooner rather than later. Once something happens, it’s often too late. The families of those who didn’t plan, will be left to pick up the piece, many times without any idea how to begin.
Estate planning does not have to be expensive
If complex estate planning seems too expensive, you can always start with a much simpler plan, especially for a young family or single adult. Smaller families may only require a will, term life insurance, and powers of attorney for assets and health care decisions. Then, as your needs change and your financial situation hopefully improves, you can develop your plan further, as required.
Getting Legal Help with Los Angeles, California Estate Planning
An experienced Los Angeles, California estate planning attorney will be able to provide the necessary guidance and peace of mind that you need to ensure that both you and your family will be provided for in the future. Contact us online today and let us help you provide for your family’s future.